Connect with us

BUSINESS

Lowell Farms Inc (OTCMKTS: LOWLF) Reports Highest Ever Quarterly Harvest Yields Of 9,700 Pounds Of Dry Cannabis Flower For 2Q2021

Published

on

Lowell Farms Inc (OTCMKTS: LOWLF) released its preliminary harvest estimates for 2Q2021 ended June 30, 2021. The company calculated a harvest yield of 9,700 pounds of dry cannabis flower, its highest ever quarterly yield. Harvest yield also marks an increase of 105% QoQ. The company reported a harvest yield of 3,673 pounds of dry cannabis for June 2021 from three cultivation greenhouses. The 2Q2021 saw 40 full turns, compared to 36 in 1Q2021. As a result, Lowell Farms also witnessed an 80% QoQ surge in the average pounds-per-turn. The preliminary estimates also include estimates of finished weights for several harvests, which are still in the drying and curing phases.

Facility upgrades boost harvest yields

Lowell Farms attributed the record harvest yields to the facility upgrades, including upgrades to its electrical, mechanical, and environmental systems. The company also brought online the clone dome for the nursery during 1Q2021, which enabled to propagate clones for scaling with consistent potencies and quality. In addition, the company employed an Argus Specialist to oversee the control system implementation process within its operation.

The company’s newly operationalized unit Lowell Farm Services will house end-to-end, fully automated pre-roll manufacturing lines. The company has also recently commissioned an advanced cannabis processing facility capable of processing up to 800 pounds of cannabis flower daily. Lowell Farms is also projecting two to three new strains to come online every quarter, as the new cultivars enable a diverse selection of products for licensed cannabis consumers. All together will enable the company to expand its presence in 3Q2021 and beyond.

Management commentary on record yields

California-based Lowell Farms is a vertically integrated cannabis company involved in cultivation, extraction, manufacturing, marketing, sales, and distribution. Mark Ainsworth, Co-Founder and Chief Executive Officer of Lowell Farms, mentioned that the company is looking forward to coming quarters with equal or greater success, supported by the upgrades and critical additions to the operations. In addition, the record harvest yields prove that the company has the right team to oversee and manage cannabis cultivation. Lowell Farms’ brand portfolio includes Cypress Cannabis, Kaizen Extracts, Lowell Herb Co, and MOON for licensed retailers in California.

[optin-monster-shortcode id="lt2ftjs5qhrst1pzmmap"] *Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

BUSINESS

Fiore Cannabis Ltd (OTCMKTS: FIORF) Announces Debt Settlement Agreement and LOI To Acquire California Patients Club

Published

on

Fiore Cannabis Ltd (OTCMKTS: FIORF) has announced a debt settlement agreement connected to the convertible bond that was issued on May 1, 2017, as it seeks to bolster its balance sheet. 

Fiore issues shares to settle its debt

The company has issued 3.846 million common shares in its capital to certain bondholders at a deemed CA$0.15 per share price. Also, Fiore issued 3.846 million common stock purchase warrants exercisable at CA$0.12 per warrant within 18 months. The company will use the proceeds to settle its CA$576,923 debt. Notably, the issued shares will be subject to a statutory holding period of four months from the day of issue. 

Fiore Cannabis CEO Erik Anderson said, “I’m satisfied with the settlement with our bondholders which enables us to focus all energies on pursuing our forward-looking business strategy. With our balance sheet further cleaned up from past activity, we can push forward to advance the strategic initiatives that focus on growth and expansion in the Nevada and California cannabis markets. We thank our investors for the continued support and commitment to Fiore.”

Fiore signs LOI to acquire California Patients Club

The cannabis operator has announced the signing of a Letter of Intent (LOI) for the acquisition of the California Patients club (CPC) for total consideration of $1.2 million in cash and stock. CPC is a marijuana delivery company that operates in California. With the acquisition, the company will integrate the delivery business into its service offering in the state. 

The company will fund the acquisition mainly through its shares at a valuation it will determine at the transaction’s closing. The shares Fiore will issue will have a holding period of six months before being released in equal parts on a quarterly basis within three years through an agreed release mechanism. 

[optin-monster-shortcode id="lt2ftjs5qhrst1pzmmap"] *Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
Continue Reading

BUSINESS

Harborside Inc. (OTCMKTS: HBORF) Completes $43 million Sublimation Acquisition and Salinas Greenhouse Upgrade

Published

on

Harboside Inc. (OTCMKTS: HBORF) has completed the previously announced Sublimation Inc. acquisition for a gross consideration of $43.8 million. Sublime is an Oakland-based award-winning marijuana manufacturing company in the infused pre-rolls category.

Peter Bilodeau, Interim Harborside CEO, said, “We are thrilled to complete this Acquisition and add Sublime’s talent and its iconic, award-winning California brand, with an exceptional product offering and consumer following, to our growing brand portfolio. With a strong balance sheet and deep cultivation and brand building expertise, our unified company is well-positioned to support the continued growth of the Sublime brands while expanding the reach of Harborside’s existing branded product portfolio in both the retail and wholesale markets.” 

Sublime CEO Ahmer Iqbal added that they are delighted to partner with Harborside in creating a top cannabis brand in California. Iqbal said that together they would leverage their retail capabilities and vast production in expanding the distribution of their branded products suite. He added that they are looking forward to starting the integration process and collaborating to expand Harboside’s reach. 

Harborside completes upgrade of Salinas greenhouse 

Recently, the company completed its previously announced upgrade of around 45,000 sq. ft greenhouse facility at the 47-acre integrated Salina production facility in California. The upgrade included installing auxiliary LED lights, blackout curtains, and integration of a modern environmental control system. The upgrade will generate around a 50% annual cultivation capacity increase and enable all-year production. 

Bilodeau said, “We are thrilled to have completed the upgrades at our Salinas facility, delivering on our plan to drive harvest yield improvements and commence year-round cultivation. These upgrades will permit Harborside to increase availability of our portfolio of branded products including Key and, through our recently announced acquisition, Sublime’s Fuzzies, to both the retail and wholesale markets in California.”

[optin-monster-shortcode id="lt2ftjs5qhrst1pzmmap"] *Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
Continue Reading

BUSINESS

Better Choice Company (NYSE: BTTR) Announces Strategic Investment By Boqii Holding and Closes Underwritten Offering

Published

on

Better Choice Company (NYSE: BTTR) has announced a strategic investment by a Chinese pet-focused platform and Boqii Holding Limited (NYSE: BQ), its retail partner. Boqii is the largest pet-focused platform in China, offering supplies and products to customers through a selection of leading high-quality brands. 

Better Choice announces strategic investment by Borqii

The company’s chairman, Michel Young, said, “We are thrilled to have buy in from our partners in China, as we view this market as one of our fastest growing most profitable opportunities. Boqii has been an outstanding retail partner and we are excited to further strengthen our partnership. We look forward to prospering together.”

Commenting on the investment, Boqii CEO and chairman Hao Liang said they are delighted to be part of the Better Choice story in china. Hao said that the initiative is part of Boqii’s relentless efforts for seeking premium global brands for customers. He added that they are set to grow together with Better China and empower them with their ecosystem.

Better Choice closes $40 million underwritten public offering. 

Recently, Better Choice completed the closing of an underwritten public offering of 8 million common shares at an offering price of $5 per share. The company expects gross proceeds of $40 million before accounting for underwriting commissions, discounts, and other offering expenses. Equally, the company has given underwriters a 30-day option to buy an additional 1.2 million shares covering any over-allotment. A prospectus for the offering was filed on June 30, 2021, with the SEC.

Better Choice will use the net proceeds of the public offering for working corporate purposes. Although the company is not a party to any definitive agreement or letters of intent for any acquisition, it may choose to use proceeds from this offering to acquire complementary technologies, businesses, or products.

[optin-monster-shortcode id="lt2ftjs5qhrst1pzmmap"] *Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
Continue Reading

Trending Stories